Salesforce Insights on Why Business Leaders Aren't Using Data Even After Acknowledging its Benefits
According to a Salesforce survey of 10,000 company executives, most aren't using data to make better decisions because it's tough to understand. Leaders may use data training to make better judgments, minimize ambiguity, and win trust even in difficult circumstances.
Businesses aren't maximizing the value of their data.
During unpredictable times, business executives recognize the importance of data for making educated decisions. Unfortunately, most are not exploiting data to its full potential. Just 29% utilize data for new market strategies, 79% for diversity and inclusion initiatives, and 67% for pricing depending on economic realities. Just 17% utilize data to set climate goals.
In the face of uncertainty, data drives efficiency and trust.
Data has a high chance of improving corporate efficiency and trust. According to business experts, it helps individuals focus (72%), speeds decision-making (73%), develops trust (73%), and reduces personal biases (66%).
Businesses must address the data skills gap in order to reap the value of data.
Due to complexity or a lack of accessibility, 41% of company executives struggle to interpret data.
33% of corporate executives find it difficult to derive insights from it.
The volume of data, which is anticipated to treble by 2026, has overwhelmed 30% of corporate leaders.
To address these issues, 73% of businesses intend to boost spending on data skill development and personnel training.
Conclusion
Despite its promise to decrease uncertainty and drive smarter decisions, many firms do not use data efficiently. This is because data might be difficult to grasp, but it can enhance efficiency, establish trust, and minimize prejudices. To maximize its worth, firms must engage in data skill training and foster a data culture that supports corporate goals while also increasing resilience during times of uncertainty.